Analysis says Biden’s tax plan will effectively cut lower- and middle-class wages

Here’s something new to worry about when it comes to President Biden’s tax plan: It could hit you in the paycheck.

A new analysis from the Tax Policy Center shows the White House’s plan to hike the minimum rate on corporate taxes to 28 percent from the current rate of 21 percent will effectively hit the finances of lower- and middle-income taxpayers to the tune of $300 — in the form of lower wages. Some readers may have understandably been scratching their heads on Monday when the Tax Policy Center’s report got released, as its verbiage framed the hit as an actual tax increase.